{"id":116992,"date":"2025-05-28T17:52:23","date_gmt":"2025-05-28T21:52:23","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/may-global-regulatory-brief-green-finance\/"},"modified":"2025-05-28T22:54:33","modified_gmt":"2025-05-29T02:54:33","slug":"may-global-regulatory-brief-green-finance","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/may-global-regulatory-brief-green-finance\/","title":{"rendered":"May Global Regulatory Brief: Green finance"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b1b595bba3'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">May Global Regulatory Brief: Green finance<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regulation\/\" rel=\"category tag\">\n                    Regulation\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/sustainable-finance\/\" rel=\"category tag\">\n                    Sustainable Finance\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/369858568zz.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Photovoltaic panels\" title=\"Photovoltaic panels\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b1b5968313'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">May 28, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a0b1b596b062'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i>The Global Regulatory Brief provides monthly insights on the latest risk and regulatory developments. This brief was written by Bloomberg&#8217;s Regulatory Affairs Specialists.<\/i><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Green finance regulatory developments<\/h2>\n<p><span style=\"font-weight: 400;\">The financial sector continues to face new rules and government expectations as part of the broader effort to aid the green transition. <\/span><span style=\"font-weight: 400;\">The following green finance policy developments represent a sample of wider regulatory and policy coverage available to Bloomberg Terminal customers. Run REGS &lt;GO&gt; to find out more or contact your Bloomberg representative to learn more:<\/span><\/p>\n<ul>\n<li><b>UK:<\/b><span style=\"font-weight: 400;\"> PRA publishes consultation on managing climate-related risks<\/span><\/li>\n<li><b>EU: <\/b><span style=\"font-weight: 400;\">ECB publishes opinion on Commission&#8217;s Simplification Package<\/span><\/li>\n<li><b>International:<\/b><span style=\"font-weight: 400;\"> ISSB publishes exposure draft on targeted amendments to IFRS S2 climate-related disclosures <\/span><\/li>\n<li><b>Japan:<\/b><span style=\"font-weight: 400;\"> JFSA publishes survey on scenario analysis and transition plans<\/span><\/li>\n<\/ul>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a0b1b596d400'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore the latest regulatory insights with our outlooks, webinars, research and analysis.<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_8269727833814510931\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/regulatory-insights\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b1b59721ef'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>UK PRA publishes consultation on managing climate-related risks<\/h2>\n<p><span style=\"font-weight: 400;\">The UK Prudential Regulatory Authority (PRA) <\/span><a href=\"https:\/\/www.bankofengland.co.uk\/prudential-regulation\/publication\/2025\/april\/enhancing-banks-and-insurers-approaches-to-managing-climate-related-risks-consultation-paper?utm_source=Bank+of+England+updates&amp;utm_campaign=8f13ae2d21-EMAIL_CAMPAIGN_2025_04_30_09_15&amp;utm_medium=email&amp;utm_term=0_-8f13ae2d21-113524557\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> a Consultation Paper proposing the replacement of its existing Supervisory Statement on enhancing banks\u2019 and insurers\u2019 approaches to managing the financial risks from climate change with a new Supervisory Statement setting out updated, more detailed supervisory expectations. The proposed expectations focus on the following five themes: governance, risk management, climate scenario analysis, data and disclosure.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Alongside publication of the Consultation Paper, David Bailey (Executive Director of Prudential Policy at the PRA) also gave a <\/span><a href=\"https:\/\/www.bankofengland.co.uk\/speech\/2025\/april\/david-bailey-speech-at-a-climate-financial-risk-forum?utm_source=Bank+of+England+updates&amp;utm_campaign=cf5cc7467c-EMAIL_CAMPAIGN_2025_04_30_09_31&amp;utm_medium=email&amp;utm_term=0_-cf5cc7467c-111037501\"><span style=\"font-weight: 400;\">speech<\/span><\/a><span style=\"font-weight: 400;\"> at the Climate Financial Risk Forum commenting on the proposals.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The scope of application for the proposed expectations would remain the same as the already existing Supervisory Statement (UK insurance and reinsurance firms and groups, banks, building societies and PRA-designated investment firms but would not apply to branches).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The PRA also makes clear that the proposals are supervisory expectations, rather than rules. Consequently, there is no reference to enforcement, either in the Consultation Paper or the speech.\u00a0<\/span><\/p>\n<p><b>Governance: <\/b><span style=\"font-weight: 400;\">The PRA emphasises that it is necessary for a firm\u2019s Board to set and own the overall business risk appetite for climate, including providing effective challenge on climate-related risk. To support this, its proposal includes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Management bodies should provide the Board with relevant information on climate-related risks and appropriate training on climate-related risk, including on the current methods and tools used by the firm to manage risks.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Board should be provided with an analysis of the performance of the firm\u2019s business strategy under a range of climate scenarios.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The Board should ensure there is a periodic review of the firm\u2019s risk appetite, climate-related risk management practices and strategy.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Where a firm has voluntarily adopted climate goals or operates in jurisdictions with national climate targets (including the UK), it should be able to demonstrate how it has integrated its plan to meet any climate goals into its overall business strategy.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Management responsibilities for identifying and managing climate-related risks should be assigned at an appropriate level of seniority within the organisation, such as a relevant SMF holder or Board member.<\/span><\/li>\n<\/ul>\n<p><b>Risk Management:<\/b><span style=\"font-weight: 400;\"> The PRA has identified significant variance in the quality and depth of firms\u2019 approaches to risk management and so aims to set out clearer expectations on this in its proposals:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Firms should periodically carry out a structured risk identification and assessment to identify the material climate-related risks they face and appropriately classify all materials risks in the firm\u2019s risk register. Any judgements made during the risk assessment should be substantiated and recorded so as to enable appropriate challenge.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Firms should undertake a risk assessment of climate-related risks arising from material relationships with clients, counterparties, investees and policyholders.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Firms should develop quantitative risk appetite metrics and limits for each material climate-related risk. It is worth noting that the PRA is not itself proposing any specific risk metrics on the basis that market practice is still evolving and the appropriateness of different risk metrics will vary across firms.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Firms should develop an appropriate internal risk reporting infrastructure that enables regular and ad-hoc reporting of climate-related risks to the Board and relevant sub-committees.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Climate Scenario Analysis: <\/b><span style=\"font-weight: 400;\">Recognising that Climate Scenario Analysis (CSA) has evolved since the initial supervisory statement was published, the PRA is proposing to enhance its supervisory expectations in relation to the use of CSA. Its proposals include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Firms\u2019 CSA should seek to capture all material climate-related risks. Firms should appropriately document how CSA fulfils their objectives and informs their decision-making and should be able to justify the scenarios they rely on.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Firms should develop an appropriate understanding of the CSA models and toolkits they use to inform their effective application, including any relevant limitations.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In relation to the scenarios, firms should select, match and tailor scenarios as relevant for their objectives and specific use cases.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">With respect to capital, firms should include CSA as part of their Internal Capital Adequacy Assessment Process or own risk and solvency assessment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Firms should regularly review and update their scenarios in line with modelling and scientific advances.<\/span><\/li>\n<\/ul>\n<p><b>Data: <\/b><span style=\"font-weight: 400;\">The PRA draws attention to the ongoing challenges in firms\u2019 management of climate-related risks caused by data gaps and proposes the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Where data gaps have been identified and can be remedied by further investment in data tools, frameworks and capabilities, firms should have in place strategic plans to manage and close those gaps.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Where reliable data is still not available, firms should have in place contingency solutions that use appropriately conservative assumptions and proxies as an intermediate step.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Where firms rely on external data providers, they should have in place an effective system of governance to oversee and integrate the data provided. Notably, whilst the PRA recognises that most firms are currently reliant on external data, it also proposes that firms should plan their strategic development of in-house data capabilities.\u00a0<\/span><\/li>\n<\/ul>\n<p><b>Disclosure: <\/b><span style=\"font-weight: 400;\">The PRA does not propose substantial changes to its expectations on disclosures, noting that proliferation of new disclosure requirements by multiple regulators would place operational strain on firms.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The main proposed change is to replace the reference to TCFD recommendations with a reference to the UK Sustainability Reporting Standards (&#8216;UK SRS&#8217;) in order to reflect the UK Government\u2019s proposed shift to UK SRS.\u00a0<\/span><\/p>\n<p><b>Next steps:<\/b><span style=\"font-weight: 400;\"> The consultation is open until 30 July 2025.<\/span><\/p>\n<h2>European Central Bank publishes non-binding opinion on Commission&#8217;s Simplification Package<\/h2>\n<p><span style=\"font-weight: 400;\">The European Central Bank (ECB) has <\/span><a href=\"https:\/\/www.ecb.europa.eu\/pub\/pdf\/legal\/ecb.leg_con_2025_10.en.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> an opinion on the Commission\u2019s Omnibus proposals. The opinion has been issued on the ECB\u2019s own initiative to inform and influence the proposed amendments to the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD). It consists of general observations and concrete drafting changes to the Commission\u2019s text.<\/span><\/p>\n<p><b>Context:<\/b><span style=\"font-weight: 400;\"> The ECB supports the Commission\u2019s overarching goal of enhancing the European economy\u2019s long-term competitiveness, whilst maintaining the objectives of the European Green Deal and Sustainable Finance Action Plan. The opinion takes a prudential perspective and argues that a well-calibrated sustainability reporting framework is essential for market participants to understand and price sustainability-related financial risks.<\/span><\/p>\n<p><b>Key suggestions:<\/b><span style=\"font-weight: 400;\"> In terms of key takeaways, the ECB argues the following.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Balanced Simplification:<\/span><\/i><span style=\"font-weight: 400;\"> The ECB supports simplifying sustainability reporting to reduce company burdens, but insists this must not compromise the availability of reliable, harmonised ESG data essential for financial stability and investment decisions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Data Quality for Risk Management:<\/span><\/i><span style=\"font-weight: 400;\"> High-quality, comparable sustainability data is necessary for effective market risk assessment, prudential supervision, and the ECB&#8217;s monetary policy decisions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Timely and Proportionate Implementation:<\/span><\/i><span style=\"font-weight: 400;\"> The ECB urges swift legislative action and timely national transposition to provide legal certainty and allow firms adequate preparation time, while ensuring reporting obligations remain proportionate.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Need for Robust Verification: <\/span><\/i><span style=\"font-weight: 400;\">Strong assurance processes and retention of key reporting standards &#8211; especially related to climate and biodiversity &#8211; are vital to ensure the credibility and usefulness of sustainability disclosures.<\/span><\/li>\n<\/ul>\n<p><b>In detail:<\/b><span style=\"font-weight: 400;\"> In its detailed drafting suggestions, the Commission puts forward the following changes:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Wider Reporting Scope:<\/span><\/i><span style=\"font-weight: 400;\"> The ECB recommends that medium-large undertakings (i.e. those having on average 500 to 1000 employees), including parent companies of large groups with the same employee thresholds, remain subject to sustainability reporting. The Commission should develop simplified, proportionate standards for these firms. It also advises against raising the turnover threshold for third-country companies, warning this could disadvantage EU-based firms.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Mandatory Assurance Standards: <\/span><\/i><span style=\"font-weight: 400;\">The ECB urges the Commission to publish limited assurance guidelines without delay, followed by binding standards for limited assurance. It also recommends keeping the option to adopt reasonable assurance standards in the future, once initial CSRD reporting experience has been gained.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Retaining Sector-Specific Standards: <\/span><\/i><span style=\"font-weight: 400;\">The ECB disagrees with removing the Commission&#8217;s power to adopt sector-specific sustainability reporting standards under the CSRD, noting their importance for ensuring comparability, data quality, and effective risk assessment\u2014particularly for financial institutions. If this empowerment is removed, the ECB encourages the Commission to issue sector-specific guidelines to support consistent implementation across sectors.<\/span><\/li>\n<\/ul>\n<h2>ISSB publishes exposure draft on targeted amendments to IFRS S2 climate-related disclosures<\/h2>\n<p><span style=\"font-weight: 400;\">The ISSB <\/span><a href=\"https:\/\/www.ifrs.org\/news-and-events\/news\/2025\/04\/issb-publishes-exposure-draft-targeted-amendments-s2\/?utm_medium=email&amp;_hsenc=p2ANqtz-_w3NCMX5rnOa_lCHaUvfPVglokeuieO1fWICfkwf1L3KRXMAQ3GaCz5R1oNYE1Wi1YU2gdEsN6DH-tRbHr5mAYMw1cUQ&amp;_hsmi=108509636&amp;utm_content=108509636&amp;utm_source=hs_email\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> an Exposure Draft proposing targeted amendments to IFRS S2 Climate-related Disclosures and has invited industry to comment on these proposals.\u00a0<\/span><\/p>\n<p><b>In summary: <\/b><span style=\"font-weight: 400;\">The targeted amendments aim at supporting entities applying IFRS S2 by reducing the complexity, risk of potential duplication of reporting and related costs of applying specific requirements in IFRS S2, and the reliefs would be optional.\u00a0<\/span><\/p>\n<p><b>Key proposals:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Category 15 Scope 3 GHG emissions: firms would be permitted to exclude Category 15 Scope 3 GHG emissions (\u2018financed emissions\u2019) associated with derivatives, facilitated emissions and insurance-associated emissions from their measurement and disclosure of GHG emissions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use of jurisdictional reliefs:\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The proposal clarifies that a firm can measure its GHG emissions using a method other than the GHG Protocol, where a different method is required by a jurisdictional authority or an exchange on which the firm is listed.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The jurisdictional relief also permits the use of Global Warming Potential (GWP) values that are not from the latest Intergovernmental Panel on Climate Change (IPCC) assessment.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use of Global Industry Classification Standard (GICS) codes: the exposure draft introduces flexibility in the use of GICS codes for disaggregating financed emissions by industry, specifically for those firms whose operations qualify as commercial banking and insurance.<\/span><\/li>\n<\/ul>\n<p><b>Next steps:<\/b><span style=\"font-weight: 400;\"> The ISSB aims to redeliberate and finalise the amendments later in 2025, after consultation. The deadline for the consultation is June 27 2025.<\/span><\/p>\n<h2>JFSA publishes survey on scenario analysis and transition plans<\/h2>\n<p><span style=\"font-weight: 400;\">The Financial Services Agency (FSA) of Japan <\/span><a href=\"https:\/\/www.fsa.go.jp\/common\/about\/research\/20250428\/03.pdf\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">published<\/span><\/a><span style=\"font-weight: 400;\"> a report titled &#8220;Survey on the Current Status of Scenario Analysis by Financial Institutions in Line with TCFD Recommendations and Transition Plans Based on the Results&#8221;. This report, commissioned to EY ShinNihon LLC, aims to analyse the scenario analysis and transition plans disclosed by major Japanese financial institutions (FIs) in accordance with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.<\/span><\/p>\n<p><b>In more detail:<\/b><span style=\"font-weight: 400;\"> The report provides a comprehensive analysis of how major Japanese FIs, including banks, insurance companies, and life insurance companies, are implementing scenario analysis and developing transition plans based on the TCFD recommendations. The study compares the differences across various sectors and evaluates the content of the transition plans.<\/span><\/p>\n<p><b>Key findings include:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The extent to which FIs have integrated TCFD recommendations into their scenario analysis<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Differences in the approach and depth of scenario analysis across different financial sectors<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The content and comprehensiveness of transition plans developed by these institutions<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The report highlights that while many institutions have made significant progress in adopting TCFD recommendations, there are still variations in the level of detail and rigour applied in their scenario analyses and transition plans. The findings suggest a need for further standardisation and enhancement of these practices to ensure consistency and effectiveness in addressing climate-related risks.<\/span><\/p>\n<p><b>Next steps: <\/b><span style=\"font-weight: 400;\">Following the publication of this report, the FSA plans to continue monitoring the implementation of TCFD recommendations by FIs. The agency will provide guidance and support to help institutions enhance their scenario analysis and transition planning processes. Additionally, the FSA will work towards promoting greater standardisation and transparency in climate-related disclosures to ensure that financial institutions can effectively manage climate risks and contribute to a sustainable financial system.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The FSA also encourages FIs to engage actively with stakeholders, including investors and regulators, to improve the quality and consistency of their climate-related disclosures. This ongoing effort aims to strengthen the resilience of Japan&#8217;s financial sector in the face of climate change and support the country&#8217;s transition to a low-carbon economy.<\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b1b59758c2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>View the additional regulatory briefs from this month:<\/h2>\n<ul>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/may-global-regulatory-brief-trading-and-markets\/\">Trading and markets<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/may-global-regulatory-brief-risk-capital-and-financial-stability\/\">Risk, capital and financial stability<\/a><\/li>\n<li><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/regulation\/may-global-regulatory-brief-digital-finance\/\">Digital finance<\/a><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.bloomberg.com\/professional\/global-regulatory-brief\/\">Sign up<\/a> to receive these updates in your inbox first.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b1b5977b5d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>How we can help<\/h2>\n<p>Bloomberg\u2019s Public Policy and Regulatory team brings you insight and analysis on policy developments to help navigate the complex and fast changing global regulatory landscape. To discuss regulatory solutions, <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/#contactus\">please get in touch with our specialists<\/a> or <a href=\"https:\/\/www.bloomberg.com\/professional\/regulatory-insights\/\">read more insights<\/a> from our Regulatory team.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0b1b597992e]::before {\n\t\t\t\tbackground-color: #f4f4f9;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--f4f4f9 text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0b1b597992e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h3>Related Content<\/h3>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column 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